Acting Solicitor General Clementargued the cause for the United States asamicus curiaeurging reversal. With him on the brief wereAssistant Attorney General Keisler, Deputy Solicitor General Hungar, Douglas H. Hallward-Driemeier, Anthony A. Yang, David O. Carson,andJohn M. Whealan.

Richard G. Tarantoargued the cause for respondents. With him on the brief wereH. Bartow Farr III, Cindy A. Cohn, Fred Von Lohmann, Michael H. Page, Mark A. Lemley, Charles S. Baker,andMatthew A. Neco.^[*]

918

*918JUSTICE SOUTER delivered the opinion of the Court.

The question is under what circumstances the distributor of a product capable of both lawful and unlawful use is liable

919

*919for acts of copyright infringement by third parties using the product. We hold that one who distributes a device with the object of promoting its use to infringe copyright, as shown by clear expression or other affirmative steps taken to foster infringement, is liable for the resulting acts of infringement by third parties.

additional questions

11. Assuming a company wishes to distribute money to its shareholders, is it better to

distribute dividends or to repurchase shares?

12. Is the price of futures the best estimate of the /$ exchange rate?

13. How could we obtain an indisputable discount rate? How should we calculate the beta

and the risk premium?

14. My company paid an extremely high price for the acquisition of another company; the

price was recommended by the valuation of an investment bank. We now have

financial problems. Is there any way to make that bank legally responsible for this

situation?

15. Which currency has to be used in an international acquisition in order to calculate the

flows?

16. Calculated betas provide different information if they are obtained by using daily,

weekly or monthly data. Which data is the most appropriate?

17. Does is make any sense to calculate betas against local indexes when a company has a

great part of its operations outside this local market? I have two examples: BBVA and

Santander.

18. Is it possible to make money in the stock market when the quotations are going

down? What is credit sale?

19. Which capital structure should we consider when calculating the WACC for a subsidiary

valuation: the one that is reasonable according to the risk of the subsidiary's business,

the average of the company or the one the subsidiary "tolerates/permits"?

20. Are there any ways to analyze and value seasonal businesses?